Fetch.ai (FET) has seen a significant surge in its price and has surged by 20.64% in the last 24 hours. This upward trend can be ascribed to the rumors of a possible partnership with Injective (INJ). Injective’s official Twitter handle posted a mysterious tweet that suggested a collaboration, which caught the attention of investors.
Something is brewing…$FET $INJ pic.twitter.com/mQdYoZIIfT
— Injective 🥷 (@injective) June 24, 2024
The assumption is that the upcoming IBC upgrade for Injective could allow the platform to leverage Fetch.ai’s AI agents for its DeFi services, which would, in turn, increase the demand for FET tokens since they are necessary for interactions within the Fetch.ai network.
This potential integration with Injective is considered as the main driver of the recent price increase since it opens up new possibilities for the use of Fetch.ai in the decentralized finance space. If the partnership comes to fruition, it could greatly benefit both platforms and increase their value and use.
AI Sector’s Growing Influence
The growth of the AI industry in both the conventional and cryptocurrency markets has also played a major role in the rise in the price of Fetch.ai.
The recent milestone of Nvidia becoming the world’s most valuable company with its stock price exceeding $136 has further boosted the interest in AI-related projects in the market. This has led to heightened investor interest in tokens powered by artificial intelligence like Fetch. ai (FET).
Nvidia officially most valuable company in the world pic.twitter.com/OmZvz3qw0D
— Trung Phan (@TrungTPhan) June 18, 2024
Fetch. ai implements the use of artificial intelligence and blockchain to design digital economies. This approach is quite suitable with the market trends that exist in the present society, thus pulling a lot of investors. This positive outlook towards AI technologies also enhances the need for FET tokens in the market highlighting the market’s appreciation of its applications in different industries.
Fetch.ai’s Impressive Market Performance
Over the past year, Fetch.ai has witnessed a tremendous rise in its market value, which has risen by 714%. This increase has been faster than 94% of the top 100 cryptos thus proving that it is well positioned in the market. Fetch. ai has also outperformed the leading cryptocurrencies such as Bitcoin and Ethereum to show its benefits distinctively.
The token’s trading above the 200-day simple moving average (SMA) is another positive signal, indicating an upward movement. This technical index is used as a level of support when the market is bullish, showing that the market is very confident. The high liquidity of the token, evidenced by its market capitalization, allows for large trades with minimal price impact, invites institutional investors, and supports further price growth.
Price Potential for Fetch.ai
Given the current bullish indicators and positive market sentiment, Fetch.ai’s price could grow further. The token is currently down 52% from its all-time high (ATH) of $3.46, presenting a considerable upside potential. If the token breaks through its current resistance levels, it could attract more investors, potentially driving the price to new highs.
In the short to medium term, Fetch.ai’s price could test the $2.00 to $2.50 range, based on historical price action and increased investor interest. In the long term, assuming continued market interest in AI and blockchain technologies, Fetch.ai could retest and possibly exceed its ATH, reaching the $4.00 to $5.00 range. This potential is contingent on favorable market conditions and the project’s ability to deliver on its promises.
